College tuiton vs. retirement

With college tuition costs seemingly rising faster than a loaf of baking bread, paying for higher education is leaving many families scrambling for options.

As reported in the Times last week, tuition, on-campus housing and 14 meals a week at Rowan University will cost an undergraduate student $18,560 this year -- about $1,000 more than last year. Out-of-state undergraduates will pay $26,468. By comparison, in 2001 in-state students paid about $12,000 for tuition, room and board, and out-of-state students paid about $16,500.

I have come in contact with some parents who feel their child's or children's college costs fall solely on their hands. If they can truly afford it, then I think that's great. But if not, why struggle?

On the opposite end of the spectrum are parents who are either unable to contribute for lack of monetary resources or simply think their financial responsibility ends at 18. I had parents who fit that particular bill.

I was fortunate enough to receive a merit-based scholarship to the university I chose to attend and a small amount of government grants. One of my parents was kind enough to contribute some money for my education, while the other parent either would not or could not pay a dime.

That still left a hefty amount of money to be paid. So I got federal student loans. If that one parent hadn't been willing to contribute, I would have gotten private loans. A part time job covered all of my other expenses.

Thankfully, I consolidated my loans when the rates were low a few years ago, yet I will still be paying for four years of college until I'm in my 40s. A wise person I knew in high school advised against student loans, but I didn't have any other options if I wanted to continue my education.

Parents, I don't think it's such a bright idea to bear the burden of paying for your kids' college, especially if it's already difficult to pay your other monthly expenses and save for retirement. Your kids can get scholarships, grants and/or loans. Better yet, they can go to community college for two years and then transfer to a university. Looking back I wish I had done that.

However, while you're struggling to pay the rising costs of college, just remember there are no scholarships, grants or loans to pay for your retirement.